I knit this with one strand of mohair and one strand of novelty yarn and it knit to gauge. I used a single strand of the novelty around the border to make it look "Couture". I needed to put a button on the neckline though because the yarn is heavy and it falls down in front.
I've been making these shawls and ponchos for charity. The poncho pattern is free on the Lion Brand Yarn website.